Microgrid is an energy distribution network that consists of loads and distributed energy resources, such as renewable energy sources, combined heat etc. It offers an alternative way to smart grid development. Developed and developing economies are inclination more towards the integration of microgrid to have cost-effective reliable power supply and to decrease power outages and blackouts in case of a utility grid disturbance during the peak load.
The Global Microgrid market is growing at a robust rate and is estimated to attain highest CAGR during 2025. Microgrids acts as an important tool in meeting the growing power demand. The growth of the microgrid market is attributed to technological advancement in the microgrid such as IoT solutions and significant rise in the incidence of cyberattacks cases on energy infrastructure. Besides this, favorable government initiatives to increase the dependence on renewable energy portfolios for the power generation in order to curb the GHG emissions and galvanizing deployment of microgrids in rural area for electrification is placing a lucrative opportunity for the growth of microgrid market in the forthcoming years.
Based on Connectivity, grid-connected grabbed the majority share in the Global Microgrid market in 2019. The growth factors are attributed to integration of smart grid technologies, mounting inclination towards the usage of renewable sources of energy such as solar, wind energy to curb the emission of greenhouse gases and along with to reduced transmission losses with the help of effective management of grid disturbances and faster response time to load fluctuations.
North America dominated the Global Microgrid market in 2019. US grabbed the largest market share in the region owing to the factors such as burgeoning demand for electricity from rural areas, escalating adoption of clean energy sources and considerable spending toward the expansion of decentralized power systems. Apart from this, the vulnerability to power outages has significantly rise due to cyber and physical threats and aging grid infrastructure across the US. Moreover, boost in the requirement of reliable power supply, growing government initiatives to use microgrid to electrify defense and rural areas in order to improve security against cyberattacks of grid outages and snowballing inclination towards the adoption of distributed power generation technologies is strongly contributing for the growth of Global Microgrid market in the forecasted timeline.
The Global Microgrid Market key players includes ABB, General Electric (GE), Siemens, Eaton, Schneider Electric, Honeywell, HOMER Energy, S&C Electric, Power Analytics, Exelon Corporation
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